Рђzerbaijan may receive in 2005 up to $1 billion from Azeri-Chirag-Gyuneshli project implementation

Oil&Gas Materials 14 December 2005 18:41 (UTC +04:00)

The Azerbaijan International Operating Company (AIOC) plans, that in 2005 the Azerbaijani side will receive some $ 1 billion from the oil sale within the Azeri-

Chirag-Gyuneshli (ACG) project implementation, the BP Azerbaijan head David Woodward said in a statement during the news conference on 14 December, Trend reports. The amount comprises the profit oil volumes, which the State Oil Company of Azerbaijan (SOCAR) receives and sells, various taxes and others.

According to him, the Azerbaijani side will receive $1,45 billion in 2006 at the oil world prices of $40/barrel, $2,1 billion - at the oil prices of $50/barrel, and $2,8 billion - at the oil prices of $60/barrel.

The contract for the ACG oil field development was concluded between SOCAR and foreign companies in 1994. The oil from this field will be the main export crude for the Baku-Tbilisi-Ceyhan (BTC) pipeline to be commissioned in spring 2006.